Mide joins Blue Chip landslide with $11.6m losses

A company which was part of the franchise business of property investment specialist Blue Chip has gone into liquidation with losses of $11.6 million and no prospect of any money for unsecured creditors.

Mide Ltd, part of the New Zealand franchise group of companies involved with Blue Chip, ceased trading on February 22 and went into liquidation on February 27.

Mide has 95 creditors who supply travel, gourmet food, wine, corporate public relations, accounting, legal services, electricity, postage, valuation, information, couriers, office products, fitness and health, boat charters, computers, furniture, property sales, staff, health insurance, phones, floating entertainment premises, newspapers, recruitment – even water.

More creditors are expected to lodge an interest before the end of the month.

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